-Caveat Lector-
-------- Original Message --------
Subject: HARKEN: Press Release - Colombia
Date: Tue, 26 Jun 2001 14:27:01 -0500 (CDT)
From: Colombian Labor Monitor <[EMAIL PROTECTED]>
Organization: ?
To: undisclosed-recipients:;
[NOTE: The Bush family fortunes seem to be doing quite well.
George W. is a former "consultant" and member of the Board of
Directors of Harken. The Bush holdings in Harken are reportedly
quite significant. Harken is a major player in Colombian oil.
I'll let you draw your own conclusions. -DG]
_________________________
HARKEN ENERGY CORPORATION
Monday, 25 June 2001
*****************
* PRESS RELEASE *
*****************
Harken Announces Progress at Palo Blanco Field
----------------------------------------------
HOUSTON, Texas -- Harken Energy Corporation ("Harken") announced today
that it has recently signed three significant agreements which will have
long-term benefits toward enhancing the value, production, and cash flow
generated from its development operations at the Palo Blanco field located
in the Llanos Basin of Colombia.
The Palo Blanco field was discovered by Harken with the successful
drilling of the exploratory well Estero 1. Harken subsequently drilled
the successful Estero 2 well in this field. Since its initial discovery
by Harken, the Palo Blanco field has produced in excess of 660,000 gross
barrels of oil.
Production volumes from this field have been restricted in the past due
primarily to transportation restraints. Until 1999, all production from
the Estero 1 well had to be transported by truck. In 1999, Harken built a
4 kilometer flowline to connect the Palo Blanco field into the Guarimena
to Santiago crude oil pipeline. This connection allowed increased
production, but the field was still limited by contractual pipeline
capacity restraints to approximately 1,000 bopd.
Purchase of 45 Kilometer Pipeline
---------------------------------
In order to transport significantly higher levels of production from the
field, Harken has just completed the purchase of the 45 kilometer
Guarimena to Santiago crude oil pipeline. With the purchase of this
pipeline which runs from Harken's Palo Blanco field across the Cusiana
river to the Santiago pumping station, Harken gains the ability to
transport higher volumes of crude oil.
3,000 Bopd Transportation Agreement
-----------------------------------
In concert with the pipeline acquisition, Harken has negotiated a new
transportation agreement with the operator/owner of the pipeline that
transports crude oil from the Santiago pumping station north to market and
export points, to provide increased transportation capacity up to 3,000
barrels of oil per day for Harken's production from this Palo Blanco
field.
With the addition of the recently drilled Estero 2 well, this Palo Blanco
field has the production potential to utilize the entire 3,000 bopd
transportation capacity now available to it through this pipeline system
and expanded transportation agreement.
Signing of a TEA on the El Retorno Block
----------------------------------------
Harken recently signed a Technical Evaluation Agreement ("TEA") covering
the El Retorno acreage block which covers approximately 86,000 acres and,
adjoins Harken's existing producing Palo Blanco field.
Under the terms of this TEA, Harken will carry out a seismic reprocessing
program on this El Retorno block over the next six months. Following
completion of that work, Harken has the election to sign the block under
an association contract with Ecopetrol. Ecopetrol recently adopted new
and more favorable terms for new Association Contracts, which include a
sliding scale reduced royalty and participation to Ecopetrol from the
traditional percentages, especially during the early years of field
production.
Harken's Chairman, Mikel D. Faulkner, stated, "We are very pleased with
the acquisition of this pipeline facility and the greatly expanded
pipeline transportation capacity for production from our Palo Blanco
field. The El Retorno area could represent a valuable enhancement to our
Palo Blanco area project. These events have been in the works for some
time and should represent an enhancement to the value of the field."
Harken Energy Corporation ("Harken") explores for, develops and produces
oil and gas reserves domestically and internationally. Certain statements
in this news release regarding future expectations and plans for oil and
gas exploration, development and production may be regarded as "forward
looking statements" within the meaning of the Securities Litigation Reform
Act. They are subject to various risks, such as the inherent
uncertainties in interpreting engineering data related to underground
accumulations of oil and gas, timing and capital availability, discussed
in detail in the Company's SEC filings, including the Annual Report on
Form 10-K. Actual results may vary materially.
CONTACT: Investor Relations of Harken Energy Corporation,
877-424-2655, or [EMAIL PROTECTED]
________________________________________________________________
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